Zcash is trading near $381 on the 4-hour chart, sitting just above a defined Fibonacci retracement cluster while a fresh wave sequence attempts to extend toward multi-hundred-dollar targets. The short-term structure looks constructive. There is, however, a pattern embedded inside that setup carrying real reversal risk once it completes.
According to MoreCryptoOnl on X, ZEC Elliott Wave analysis on the 4H chart shows a completed larger impulse with waves (1) through (4) in place, followed by a corrective structure and a recent push higher labeled with subwaves (1), (2), A, B, and C. As MoreCryptoOnl posted on X, ZEC could be working on wave 3 to the upside, though wave (5) is likely an ending diagonal pattern, which makes the entire pattern fragile.
That single word carries weight. Fragile is not a casual description in Elliott Wave terms.
What the 4H Chart Shows
The 4H ZEC/USD chart from More Crypto Online shows price at $381.57, sitting inside an upward channel attempt after wave (4) completed near the $310 zone. The subsequent recovery built a subwave structure that now positions price for a possible wave 3 extension higher.
Fibonacci extension levels plotted on the chart project upside targets at $423.01 at the 100% level, $486.92 at 123.6%, $530.57 at 138%, and $611.45 at the 161.8% extension. Those are the targets if wave 3 develops as MoreCryptoOnl’s count suggests. Below current price, the retracement box sits between $364.22 at the 38.2% level and $333.59 at the 78.6% level, defining the zone buyers need to defend on any pullback.
A yellow descending trendline from prior highs cuts across current price action from the upper left of the chart. It has acted as dynamic resistance at multiple points in the structure and remains relevant to where price trades right now.
The Ending Diagonal Risk
This is the part of the setup that separates this count from a straightforward bullish read. MoreCryptoOnl flagged on X that wave (5) in this structure is likely forming as an ending diagonal. That is a terminal pattern. It moves in five overlapping subwaves within converging trendlines and almost always resolves with a sharp reversal back to where the diagonal began.
The practical meaning is this. ZEC may still reach $423 or push toward $487 if wave 3 extends cleanly and wave 4 corrects without breaking structure. But once wave (5) completes inside the diagonal, the sequence is done. The move that follows tends to be fast and deep, not a gradual fade.
That is the risk baked into the current count. Upside targets exist and are measurable. The ending diagonal makes the pattern fragile, as MoreCryptoOnl noted directly, because the terminal structure offers no continuation signal once complete.
Support Levels That Define the Count
The retracement cluster between $333.59 and $364.22 is the structural anchor for the bullish case. Those levels sit within the Fibonacci box visible on the chart and represent where wave 2 or any corrective leg within the broader sequence would naturally find buyers.
Price at $381.57 is trading above the 38.2% retracement at $364.22, which keeps the immediate structure intact. A close below $346, the 61.8% level shown on the chart, would start raising questions. A move through $333.59 at the 78.6% level would put the entire wave count under serious review.
What Comes After $423
The 100% Fibonacci extension at $423.01 is the first real target for wave 3. If price clears that level on volume, the next zone is $486.92 at the 123.6% extension. The 161.8% target at $611.45 is on the chart but represents the outer boundary of an extended wave 3 scenario, not the base case.
The ZEC Elliott Wave analysis from MoreCryptoOnl captures both sides clearly. Wave 3 to the upside is developing. The Fibonacci targets are defined and measurable. And the ending diagonal in wave (5) is the structure that determines whether any rally above $487 holds or reverses sharply.
Price near $381 is inside the decision zone. Support holds or it does not. That answer comes from how the next corrective leg behaves before wave 3 attempts to extend.
